AMP Capital has received approval from the City of Sydney for the redevelopment of it's heritage-listed office tower at 33 Alfred Street, Circular Quay.

Built in 1962, 33 Alfred Street has local heritage listing and is known as Australia's first skyscraper, with the H-shaped tower becoming an iconic part of Sydney’s harbour skyline.

The refurbishment works, estimated at over $156 million, are due to start in 2021. The works include refreshing the building’s façade as well as modernising its services and interior while maintaining its heritage characteristics and reinstating lost building features. There will also be increased activation of the street-level frontages.

Once complete, the building will be premium grade, with improved environmental performance. 33 Alfred Street is targeting a 5 Star NABERS rating and a 5 Star Green Star v3 rating

AMP Capital Real Estate chief operating officer Louise Mason said that AMP had consulted with the City of Sydney for more than two years on the redevelopment of 33 Alfred Street.

“After 55 years, it’s time to upgrade the building and give it new life for many more decades of service.

“This work will make 33 Alfred Street one of Sydney’s most highly sought-after, premium-grade office buildings.”

AMP Capital has been advised by architect JPW.

33 Alfred Street is jointly owned by investors in the AMP Capital Diversified Property Fund and the AMP Capital Wholesale Office Fund. They purchased the building from parent company AMP for more than $430 million in 2016.

The two AMP funds own and are developing the new Quay Quarter where AMP will set up its new headquarters. AMP group will take 36,500 square metres in the Quay Quarter Tower from 2021 for 12 years.

​It is all part of the multibillion-dollar upgrade of the Circular Quay precinct, which includes the $1 billion Wanda hotel and apartment development of the former Gold Fields House, and AMP Capital's $1 billion Quay Quarter Sydney project at its 50 Bridge Street tower and the 33 Alfred Street site.

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